A move-in ready home may be your dream, but sometimes it’s not the reality. Many home buyers want all the modern amenities–and in their target neighborhood–but can’t afford them. A home buyer might go the fixer-upper route. They plan to buy a low priced home in a choice neighborhood with the intention of turning that “fixer-upper” into their dream home. And in some cases that dream home turns into an investment opportunity; where the buyer now sells high.
A fixer-upper project can go swimmingly, but other times it can be home buyers worst nightmare! Buying a run-down home in the hopes to “restore” it can turn into a real money pit if the home buyers are not experienced in the renovation process. Cracked foundation, bad electrical wiring, asbestos, wonky plumbing, and other unforeseen can blow the budget. Also, when renovating these homes the home buyer will most likely not be able to live in the home during the process, and may have to end up renting for a few months, which is an additional expense.
Then, there are fixer-uppers where the home just needs a little TLC, and a touch of something new. Rip out the shag carpets from yesteryear’s past. Tear out the faux brick linoleum. Update the appliances that haven’t been touched since the Nixon administration, and slap a fresh coat of paint on those walls. Voila! With a minimal investment and a little bit of sweat equity you’re improving the home’s value, and making the space your own.
Every home buyer is different, some may be energized by a full-on renovation, and some just wanna move in as soon as possible. Either option, the savvy homebuyer will do his or her homework to know what they are getting into. After all, this just won’t be a house, it will be your home.
If you are interested in buying a fixer-upper, I can help. I have been there and done that, so I can help! Learn more about buying a home with me.